Moncler Group | Annual Report 2024 Separate Financial Statements 432 |
Trade payables and other current
and non-current payables
Trade and other payables arise when the Company acquires
money, goods or services directly from a supplier. They are
included in current liabilities, except for items with maturity
dates
greater than twelve months after the reporting date.
Pay
ables are stated, at initial recognition, at fair value, which
usually comprises the cost of the transaction, inclusive of
transaction costs. Subsequently, they are stated at amortised
cost using the ef fective interest method.
Financial liabilities
The classif ication of f inancial liabilities has not changed since
the introduction of IFRS 9. Amounts due to banks and
other lenders are initially recognised at fair value, net of directly
attributable incidental costs, and are subsequently measured
at
amortised cost, applying the ef fective interest rate method.
I
f there is a change in the expected cash f lows, the value
of the liabilities is recalculated to ref lect this change on the basis
o
f the present value of the new expected cash f lows and
the internal rate of return initially determined. Amounts due
to banks and other lenders are classif ied as current liabilities,
u
nless the Company has an unconditional right to defer their
payment for at least 12 months after the reference date. Loans are
classif ied as non-current when the company has an unconditional
right to defer payments for at least twelve months from
the reporting date.
Derivative instruments
Consistent with the provisions of IFRS 9, derivative f inancial
instruments may be accounted for using hedge accounting
only when:
•the hedged items and the hedging instruments meet
the eligibility requirements;
•at the beginning of the hedging relationship, there
is a formal designation and documentation of the hedging
relationship of the Companys risk management objectives
and the hedging strategy
the hedging relationship meets all of the following
ef fectiveness requirements i there is an economic
relationship between the hedged item and the hedging
instrument ii the ef fect of credit risk is not dominant
with respect to the changes associated with the hedged
risk iii the hedge ratio def ined in the hedging relationship
is met including through rebalancing actions and is
consistent with the risk management strategy adopted
by the Company
Fair value hedge
A derivative instrument is designated as fair value hedge when
it hedges the exposure to changes in fair value of a recognised asset
or liability, that is attributable to a particular risk and could
af fect prof it or loss. The gain or loss on the hedged item, attributable
t
o the hedged risk, adjusts the carrying amount of the hedged
i
tem
and is recognised in the consolidated income statement.
Cash f low hedge
When a derivative f inancial instrument is designated as a hedging
instrument for exposure to variability in cash f lows, the ef fective
portion of changes in fair value of the derivative f inancial
instrument is recognised among the other components
of the comprehensive income statement and stated in the cash
f low hedge reserve. The ef fective portion of changes in fair value
of the derivative f inancial instrument that is recognised
in the other components of the comprehensive income statement
is limited to the cumulative change in the fair value of the hedged
instrument (at present value) since the inception of the hedge.
The inef fective portion of changes in fair value of the derivative
f inancial instrument is recognised immediately in the prof it/(loss)
for the period.
If the hedge ceases to meet the eligibility criteria or the hedging
instrument is sold, matures or is exercised, hedge accounting
ceases prospectively. When hedge accounting for cash f low hedges
ceases, the accrued amount in the cash f low hedge reserve
remains in equity until, in the case of a hedge of a transaction that
results in the recognition of a non-f inancial asset or non-f inancial
liability, it is included in the cost of the non-f inancial asset or non-
f inancial liability on initial recognition or, in the case of other
cash f low hedges, it is reclassif ied in prof it or loss for the period
in the same period or periods in which the hedged expected future
cash f lows af fects prof it/(loss) for the period.
If no more hedged future cash f lows are expected, the amount
shall be reclassif ied immediately from the cash f low hedge reserve
and the reserve for hedging costs to prof it/(loss) for the period.
If hedge accounting cannot be applied gains or losses
arising from the fair value measurement of a derivative f inancial
instrument are immediately recognised in income statement
28 Employee benef its
Shortterm employee benef its such as wages salaries social
security contributions paid leave and annual leave due within
twelve months of the statement of f inancial position date
and all other fringe benef its are recognised in the year in which
the service is rendered by the employee
Ben
ef its granted to employees which are payable on or after
t
he termination of employment through def ined benef it
and contribution plans are recognised over the vesting period
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